Regional business body the LEP is asking the Government for £38m to boost economic activity and create jobs.
Sheffield City Region Local Enterprise Partnership wants the cash to extend the Regional Growth Fund which supports business investment and start building work on the high speed rail academy in Doncaster.
Chairman James Newman said: “Earlier this year our LEP achieved the fifth biggest deal - £325m - with Government of all areas in England. However, as I said at the time, this was only the first small step on a journey to take control of our city region’s economic destiny.
“Once again, we have put forward an incredibly strong offer to Government which will enable us to take another step towards creating the 70,000 jobs and 6,000 new businesses that we set out in our vision.
“I hope Government will take notice and devolve the funding and powers we need to make these important projects a reality.”
The money would also help 2,000 businesses start exporting, deliver 14 transport schemes, create an online support service and build five business units.